If the total of all assessed values rises by 5% over the current assessment, at what value must next year's mill rate be set?
A) 8.6903
B) 8.2923
C) 7.9923
D) 9.7684
E) 8.3906
Fred is paid an annual salary of $45,800 on a biweekly schedule for a 40-hour work week and 26 biweekly periods per year.

Question

Quizplus · Accepted Answer

To maintain the same revenue with a 5% increase in assessed values, the mill rate must decrease proportionally. If the current mill rate is 8.6903, then the new mill rate should be 8.6903 / 1.05 = 8.2765, which is closest to 8.2923.

If the Total of All Assessed Values Rises by 5